Yes, it has cable access production values for the era, and, yes, the narrative is opaque. But, if you can let yourself get past those seeming limitations then you will find an fascinating, surreal, malevolently childlike reverie full of brooding atmosphere, dark creatures, and dreamlike juxtapositions: imagine an older child's violent, sexual fever dream.
And I just flat-out love the apeman-with-a-gun imagery. (Note the visual and thematic influence on Pig Destroyer's video, The Diplomat
The disjointed juxtapositions of video, film, claymation, puppetry and live action only add to the dream/vision quality of the film.
Also, It's impossible to believe that Corben was unaware that his monster looked like a puppet, that the claymation was hokey, or of the technical quality of the rest of this work, yet he released it anyways, so he obviously saw merit in it. You just have to get past those superficial limitations to appreciate what's actually there underneath.
As for the relative opacity of the narrative, I could only follow the story in the broadest of terms. That fact didn't bother me at all. I get the firm sense that the film possesses its own internal logic. But even if it didn't, or if it was totally unavailable to me, "sense" has become far less important to me than compelling mood in anything I view around me. It's not about "what" things are, but "how" they are. Unburden yourself from "sense" and films like this begin to provide things you didn't see before.
This film is decidedly not for everyone (nor is it just for hardcore Corben fans, though). An elite few will appreciate its deeper elements. Watch it and find out.
